Anbang abandons bid to buy Starwood, clearing way for Marriott
- 8 years ago
Anbang says it is dropping its $15 billion offer to acquire Starwood Hotels, citing various market considerations and ending a bidding war for the parent of St. Regis and Sheraton resorts.
Starwood Hotels & Resorts Worldwide Inc., said its board continues to support its existing deal with Marriott, which initially offered $12.2 billion for Starwood in November.
That has since grown to more than $14 billion.
Under the existing agreement, Starwood shareholders will get $21 cash and 0.80 of a Marriott Class A share for each Starwood share held.
Starwood shareholders will own about 34 percent of the combined company, which, with 30 brands, would be the world's largest hotel chain.
Starwood Hotels & Resorts Worldwide Inc., said its board continues to support its existing deal with Marriott, which initially offered $12.2 billion for Starwood in November.
That has since grown to more than $14 billion.
Under the existing agreement, Starwood shareholders will get $21 cash and 0.80 of a Marriott Class A share for each Starwood share held.
Starwood shareholders will own about 34 percent of the combined company, which, with 30 brands, would be the world's largest hotel chain.